Green finance effective tool to curb pollution
Print Edition
Green finance is quickly becoming an effective credit tool in China’s fight to curb pollution and develop a green economy.
At least 2 trillion yuan (US$312 billion) of investment in industries related to environmental protection will be needed annually in the next five years, Ma Jun, economist with the People’s Bank of China, said yesterday.
However, the government’s financial budget can only afford 300 billion yuan of the investment, which leaves huge market opportunities worth around 8.5 trillion yuan for the banks in the coming five years, Ma said.
China introduced the green credit concept in July 2007 as part of its enforcement of eco-friendly economic policies. Communications between environmental monitors and banks saw some plants blacklisted from receiving loans because of their pollution record.
Environmental protection is a sunrise industry with huge opportunities, which means big profits for banks, said Gong Hailei, assistant to the Beijing branch president of Evergrowing Bank, a Chinese joint-stock commercial bank.
“It has only been eight months since our Beijing branch was established, but the loans we issued for green industry have already accounted for more than 20 percent of the total lending,” Gong said.
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